Cherry Fund II closed in November 2025 following a speedy fundraise, with 5x growth from Fund I, a 10x increase in LPs, and 100% returning LP support.
CHICAGO, IL, UNITED STATES, March 19, 2026 /EINPresswire.com/ — Woolly Bear Capital LLC (“Woolly Bear Capital” or “WBC”), a venture capital firm specializing in startup employee secondaries, today announced the successful close of Cherry Fund II. The fund reached its final close in November 2025 and is 5x larger than its predecessor fund. Cherry Fund II represents a significant milestone for the firm, with a 10x increase in the number of participating limited partners and 100% of LPs returning. The fund was raised in just seven months, underscoring strong conviction in Woolly Bear Capital’s strategy and relationships.
“The close of Cherry Fund II is validation of our disciplined approach to the secondary market,” said Thom Lumpkin, Partner at Woolly Bear Capital. “We are grateful for the trust of our LPs, both returning and new. Our model gives our LPs repeatable access to the highest-quality assets, and that is even more true during the most dynamic tech environment in over 20 years.”
The close comes during a highly selective period in venture fundraising. According to the Venture Capital Journal, global venture capital fundraising fell 38% in 2025, marking an eight-year low. Capital is disproportionately flowing to firms with a demonstrable track record of outperformance. For firms able to raise capital, today’s market fluctuations create compelling opportunities across private technology companies. This is particularly true where secondary liquidity can support founders and employees focused on long-term value creation in dynamic sectors: AI, cybersecurity, DevOps, FinTech, HealthTech, and semiconductors.
“We look for managers who can find alpha where others see friction,” said Daniel Stahl, Partner at Bujama Investments. “Woolly Bear’s ability to provide essential liquidity solutions to the startup ecosystem while maintaining a rigorous, public-market-style discipline makes them a unique, diversifying, and outperforming component of our venture portfolio.”
With Cherry Fund II, Woolly Bear Capital will continue partnering with founders, employees, and companies across its core sectors, providing flexible liquidity solutions with a long-term view on private technology markets.
About Woolly Bear Capital
Woolly Bear Capital is a secondary and primary venture capital firm that seeks to empower founders and employees to take bold risks as they build innovative companies. The firm focuses on sectors including AI, cybersecurity, DevOps, FinTech, HealthTech, and semiconductors.
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